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Financial Translations: Don't Pay the Price! |
Article Submitted by: Armando Riquier
Wednesday, 24 October 2007
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The market for translation and localization services is booming in tandem with the globalization phenomenon, and financial translation accounts for a significant proportion of the near to $10 billion market. Finance is a vast, multi-disciplinary field encompassing a range of specialized areas like banking, insurance, foreign exchange, equities, commodities and mutual fund operations, to list just a few. Corporate finance, accounting and financial services are other important facets of finance. The market for translation and localization services is booming in tandem with the globalization phenomenon, and financial translation accounts for a significant proportion of the near to $10 billion market. Types of financial documents In international business, a variety of financial documents may come up for translation. They include annual reports, business plans, financial statements, sales projections, fact sheets, audit reports, policy documents, shareholder communications, public offering prospectuses, fact sheets, and press releases. Companies may have to exchange correspondence, negotiate contracts and submit financial reports to their overseas partners, associates, collaborators or even to their own headquarters. Choosing a good service provider Every individual would like to maintain confidentiality about his personal finances and financial status. Corporate finances and transactions are kept under wraps almost every where in the world, except for the quarterly and annual results, which are published for public viewing according to statutory requirements. So it behoves the translation service provider to maintain confidentiality about the documents entrusted to him/her for translation. In general, a good provider of financial translation services should be able to comply with the following requirements: Stay current with the regulations governing collaborative ventures, or at least have access to the latest information. Translators must have knowledge of at least the commonly used financial and legal terms in the source and target languages for which they provide services Cope with fast turnaround when needed, without compromising on accuracy, and be detail oriented. Some may even offer overnight and week-end services. Uphold the ethical standards within the sphere of their activity and thus enhance their own credibility and reputation. Points to bear in mind Assign a specialized job to a translator with the relevant expertise Check to find out about the translator's education and experience before assigning the task Try and find a small team which offers specialized translation business rather than go to a big outfit A translator-editor combination should be able to deliver the quality you're looking for Share your knowledge with the translator, as the background information you have can rove to be invaluable A good glossary that's accepted by your company can help Allow your translator enough time to do a good job How important is pricing? Although cost is an important factor, cheapest is not always the best when you decide to hire a translator to work on financial translation. You might end up paying as much as US $0.20 per word for a professional translation job, but this will work out cheaper in the long run, as you will not have to grapple with issues arising from translation errors that surface later. Localization is important too Accounting practices differ in different regions and this makes the translator's job a bit more challenging. He must possess a certain degree of familiarity with the terms in use in both regions, and there are also variations between the American and British usage. Translators engaged in financial translations will therefore have to be very skilled at their work. Expansion does not go without responsibilies With more and more establishments turning towards worldwide level operations, the market for language services is thriving. In such a climate the selection of a good service provider becomes critical, one mindful of the high charge of responsibility that comes with this task, and of the grave effects that faulty translation work delivery could create. Article Source: http://www.ArticleBlast.com |
About The Author:
About the Author:
Armando Riquier as a freelance writer and expert translator collaborates with Tectrad, a company specialized in the translation of technical documents, legal or financial matters. Maintain an image of excellence with your foreign customers and clients through professional technical translation of your technical papers, manuals and booklets.
About the Author:
Armando Riquier as a freelance writer and expert translator collaborates with Tectrad, a company specialized in the translation of technical documents, legal or financial matters. Maintain an image of excellence with your foreign customers and clients through professional technical translation of your technical papers, manuals and booklets.
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